Kalshi founder confirms prediction markets coalition
Rivals in the prediction market space have banded together to form a coalition in an attempt to push back against the negative publicity they have received.
Kalshi.com founder Tarek Monsor confirmed the Coalition for Prediction Markets and said they were attempting to push back against lobbyists who were protecting their own patch and attempting to curtail the industry.
So far, Kalshi, Crypto.com Coinbase and Robinhood have joined the coalition but Polymarket has yet to commit to the initiative.
Prediction markets are essentially a way of monitoring public sentiment and have proved unnervingly accurate in everything from politics to the stock market.
“We created the Coalition with a simple mission: provide a voice for prediction markets against adverse legacy lobbying groups.,” Mansor said.
“The Coalition will also protect the transparency, market integrity, and customer protection standards that underpin the industry. We expect more industry players to join over the next few months.
“Why now? With over 150B of annualized volume, prediction markets have quickly become one of the most important consumer internet applications. In recent months, lobby groups have attacked prediction markets and spread mis-information about how they work and how they’re regulated.
“Just like how the bank lobby attacked crypto claiming it’s “not safe”: the attacks on prediction markets aren’t about protecting consumers, they’re about protecting monopolies and the profits they fear losing.”
The Coalition For Prediction Markets have launched a website and page on X.com and are aiming to provide a united voice when confronted with problems, like state gambling regulators attempting to put casino-style rules around prediction markets.
But the coalition appear to have one thing going for them in the bid to not be lumped in with gambling, and that is public sentiment, with one of the first things posted on X being that 70% of Americans do not consider prediction markets to the same as sports betting or casino games.
The Coalition will work with policymakers to educate the public about how prediction markets work and how they differ from casinos and sportsbooks,” Monsor said.
“With prediction markets, there is no “house” and no penalty for winning. People trade in a transparent and competitive environment against each other, just like the stock market.”
